Latest News on New York Apartments Law
There has been a lot of talk in the news papers and online about the banning of apartment rentals in Manhattan so let us try sort out the fact from the fiction.
Below we have the wording of the actual bill which has now passed and comes into force from May1st and some recent articles on the subject as well as many comments from the general public.
Despite what you may have read on the likes of Tripadvisor and such sites, the actual law does not ban all apartment rentals. This is scare tactics from the Tripadvisor NY community (same folks over and over again) repeating themselves.
This law was supposed to stop council type properties (section 8 / project housing) from being sublet as holiday rentals but somehow it was extended to cover ALL APARTMENTS IN MANHATTAN.
This is really crazy as most of the apartments would never have been in the council sector in the first place and will never be as the rents would be many $1000's per month.
Several of our private owners will operate without any problems as they already have hotel type licences but some single unit properties in largely residental buildings will have to cease operating. We do have properties which the owners say are not affected as they own the entire building and have no long term tenants living: Top class apartment new york